Print Reading Mode Back to Calendar Return

AI# 11958  Regular City Council Meeting 5.7. 09/26/2023:

Information

Agenda Item

Resolution - Business Development: Consider a resolution authorizing the Mayor to execute a Memorandum of Understanding (MOU) between the Central Business District Tax Increment Financing Zone (CBD TIF) Advisory Board and HTG Lubbock, LLC (HTG), for the provision of funding a portion of the Inn Town Lofts development project at 1202 Main Street in Downtown, Lubbock, Texas.

Item Summary

HTC Lubbock, LLC (HTG), is redeveloping the property at 1202 Main Street, which is located within the Downtown Tax Increment Financing (TIF) District Boundary, as designated by the City of Lubbock. • The Inn Town Lofts will be an affordable housing redevelopment with 56 units built across two buildings. • The existing Jimmy Kimmel Center will undergo adaptive reuse redevelopment, and will contain 42 housing units. • The remaining 14 units will be developed as a new construction project on the existing site. HTG requested assistance with underground utility infrastructure improvements from the Central Business District (CBD) TIF Advisory Board. At a Special Board meeting on September 12, 2023, the CBD TIF Advisory Board unanimously voted to incentivize HTG with a reimbursable grant in an amount not to exceed $225,000, for Site Utilities and Storm Water improvements. The MOU under consideration contains the following terms:  The grant payment will be issued on a reimbursement basis only  HTG must acquire the property at 1202 Main Street  The grant will be paid once HTG receives a Certificate of Occupancy on the building In 2021, HTG was designated as a Housing Tax Credit (HTC) project by the Texas Department of Housing and Community Affairs (TDHCA). In 2022, they received a Carryover Agreement from TDHCA, which extended the timeline to begin construction as well as ability to utilize the tax credits. Construction must be completed by December 31, 2025, for HTG to utilize the tax credits.

Fiscal Impact

The CBD TIF will fund this grant in an amount not to exceed $225,000, to be reimbursed once a Certificate of Occupancy has been issued. This grant is funded in Capital Improvement Project 92776.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer Central Business District TIF Advisory Board

Attachments Resolution MOU Exhibit A Budget Detail CIP Detail

AgendaQuick ©2005 - 2024 Destiny Software Inc. All Rights Reserved.